Elmera Group ASA

Investor Presentation • Nov 12, 2020

Q3 2020 PRESENTATION

Rolf Barmen (CEO) Ole Johan Langenes (Acting CFO)

12th November

Q3 2020 HIGHLIGHTS

Rolf Barmen (CEO)

Highlights third quarter 2020

Strong growth - both financially and in number of customers

• Strong financial performance with a 10% YoY increase in net revenue and 25% YoY growth in EBIT adj.
• Solid growth, both organically and from M&A, as the deliveries from the Innlandskraft acquisition are included as of 30 September
• Kantar's Q3 survey shows that Norwegian consumers are satisfied with their electricity retailer. Fjordkraft is no.1 in Top of Mind and Brand Awareness
• Fjordkraft is in line with the industry average on customer satisfaction, well above peers like Fortum, NorgesEnergi and Hafslund
• Fjordkraft acquired SNG, a Nordic retailer, in October. The transaction was completed 10 November 2020

# of deliveries (end of period) Δ in # of deliveries (QoQ) Key Highlights 1

Basic EPS (reported) K13NIBD (cash)

NOK 0.38

1 # of deliveries (end of period)	Δ in # of deliveries (QoQ)
865 545	240 635
Increase of 40 % YoY	Of which org. growth 5 859
2 Volume sold	Gross revenue
2 392 GWh	NOK 589m
Increase of 4 % YoY	Decrease of -47 % YoY
3 Net revenue (adj.) 2	3 EBIT (adj.) K6
NOK 284m	NOK 79m
Increase of 10 % YoY 9	Increase of 25 % YoY K7

(NOK 266m)

Increase of 17 % YoY K19NIBD/LTM EBITDA: -0.33

Sources: Company information

• 1) Number of deliveries excl. Extended Alliance deliveries. Number of deliveries incl. Extended Alliance deliveries: 911,663
• 2) Not including Alliance volume. Volume turnover for alliance partners Q3 2020: 689 GWh

³⁾ Adj. Net revenue and EBIT are reported figures adjusted for any estimate deviations on sales and distribution of electricity related to previous reporting periods, special items, unrealised gains and losses on financial derivatives and depreciations from acquisitions

BUSINESS REVIEW

Rolf Barmen (CEO)

Fjordkraft acquires Switch Nordic Green and becomes a Nordic electricity retailer

Key info and strategic rationale

• SNG is a Nordic electricity retailer with operations in both Sweden and Finland, 167 thousand electricity deliveries, of which 100 thousand in Finland and 67 thousand in Sweden. 27 thousand of the consumer deliveries in Sweden are through a 3rd party agent
• The deliveries are split 78/22 between the Consumer and Business segment and SNG has an estimated market share of 2.8% in Finland and 1.2% in Sweden
• The acquisition positions Fjordkraft for further growth in the Nordics, as the markets become more similar and competition becomes increasingly pan-Nordic
• Increased attractivity in the pan-Nordic business segment and potential for increased sale of value added services
• Switch Nordic Green, with its brand Nordic Green Energy, is perceived as a green and renewable focused supplier a good basis for further growth and a strong match with Fjordkraft's brand position
• The purchase price is based on an enterprise value of NOK 375 million on a cash and debt free basis and assuming an agreed normalised level of working capital. In addition to the enterprise value of NOK 375 million, there are tax losses carried forward in the Target and its subsidiary. The value of the tax losses carried forward and the final purchase price will be decided through SNG's tax assessment for 2020
• 2019 EBIT for SNG was SEK 52m, and underlying EBIT (ex. Covid-19 effects) is estimated to SEK ~50m
• SNG will be included in the Group's financial figures as of November 2020 and will be reported as a separate segment
• The transaction was completed on 10 November 2020

Innlandskraft acquisition developing as planned

Transaction costs, implementation costs and synergies

• The transaction was completed on 22 September 2020
• Organisational changes have been made to support synergy realisation. Severance packages have been offered to all employees affected by the reorganisation, amounting to a total cost of NOK 13m, which will be accrued in Q4 2020 as a one-off
• The Eidsiva Marked customers will be transferred to the Fjordkraft brand in H1 2021, while the Gudbrandsdal Energi brand will continue to exist as a fighting brand
• The transaction costs amounted to NOK 10.5m in Q3 2020, related to financial/legal advisers and share issuance and is reported as a one-off
• Implementation costs are estimated to NOK 11m, expected from Q3 2020 to Q2 2021. NOK 2.4m reflected in Q3 2020 and reported as a one-off
• Synergy realisation starting in Q1 2021 with full effect from Q4 2021
• Well on track towards the synergies below

Financial key figures

• The underlying EBIT estimate for 2020 (ex. COVID-19 effects) for Innlandskraft is NOK 105m. Estimated net revenue for 2020 is NOK 290m
• Net working capital is estimated to be reduced by NOK ~100m from the agreed normalised level
• Cost synergies are estimated to a minimum of NOK 30m with full effect from Q4 2021
• In addition, Fjordkraft expects a positive effect on the Group's total cost of goods sold of minimum NOK 10m

Update on Covid-19 and the Consumer Council allegations

• A second wave of Covid has struck Norway, resulting in new protective measures from the government
• Door to door and stand sales have been stopped in order to limit spreading of Covid-19. Along with an expected reduction in physical Christmas shopping, this is expected to have a short-term negative impact on organic growth figures
• Accounts receivables are monitored from day to day. The protective measures are expected to increase credit risk
• Reduced activity following the government's measures might have a short-term negative impact on consumption in the Business segment and is also expected to increase voice activity in the Mobile segment, which increases COGS and reduces margins
• We monitor our around 400 employees and consultants daily regarding their health and well-being, making sure operations resume as normal. Employees in high-risk areas are working from home
• In a press release on 27 October, Fjordkraft addressed the Consumer Council allegations regarding contracts that add purchasing costs to the elspot price. The statements made in the press release are still valid:
• Fjordkraft disagrees with the Consumer Council
• The allegations from the Norwegian Consumer Council and possible actions from the Consumer Authority will have a minimal impact on the Group's profitability and further growth
• Fjordkraft has, along with 28 other retailers, received a letter with questions from the Consumer Authority and will fully cooperate with the Consumer Authority on the matter

Market development

Key highlights in Q3 2020

• The historically low elspot prices continued into Q3, with a spike in prices early September
• Two out of three months in the quarter were colder than last year1
• Jul: -0.6°C below normal (-1.9°C colder than 2019)
• Aug: +1.4°C above normal (-0.3°C colder than 2019)
• Sep: +1.7°C above normal (+1.0°C warmer than 2019)
• The regulator's latest churn figures for the industry show a 22% annual churn in the consumer segment and 12% in the business segment3

Weekly elspot prices (NOK/kWh)2

2019 2020

Sources:

• 1) Temperature figures from met.no's monthly reports
• 2) Weekly system prices in NOK from Nordpool

3) The Norwegian Water and Energy Directorate's supplier change statistics. The regulator also states that the 2019 figures are not comparable with previous years, as numbers from 2018 and earlier have been overreported

Segment development - Consumer

Key highlights in Q3 2020

• Strong organic growth of 5,225 deliveries in Q3 2020
• Deliveries from Innlandskraft included as of 30 September
• Volume growth of 5% YoY, driven by both increase in avg. volume per delivery and growth in # of deliveries
• Avg. volume per delivery is increasing 3% YoY 2,356 kWh in Q3 2020 vs. 2,296 kWh in Q3 2019
• The Fjordkraft app has reached 150,000 registered users. EV charging and real-time consumption functionality will be launched shortly

1) Number of electricity deliveries at the end of the period

# of electricity deliveries1 ('000)

Volume (GWh)

Segment development - Business

• Organic growth of 634 deliveries in Q3 2020
• Deliveries from Innlandskraft included as of 30 September
• Volume growth of 3% YoY driven by growth in # of deliveries
• Avg. volume per delivery decreasing -4% YoY 13,622 kWh in Q3 2020 vs. 14,130 kWh in Q3 2019

1) Number of electricity deliveries at the end of the period

Key highlights in Q3 2020 # of electricity deliveries1 ('000)

New Growth Initiatives

• Growth of 4,691 mobile subscribers in Q3 2020
• 2% YoY Alliance volume increase
• A strong pipeline of both Ordinary and Extended Alliance partners expected to be implemented in Q4 2020

Sources: Company information

1) Number of mobile subscribers at the end of the period

Key highlights in Q3 2020 # of Mobile subscribers1 ('000)

FINANCIAL REVIEW

Ole Johan Langenes (Acting CFO)

Continued net revenue growth

• Adj. net revenue growth driven ~2/3 by margin improvement and ~1/3 by volume growth
• Low elspot prices in the first half of the quarter, followed by both a price increase and decrease in September
• Last twelve months adj. net revenue improvement driven by margin improvement1 YoY

Sources: Company information

1) New Growth Initiatives figures are excluded from the calculations, as high volumes with very low margins distorts the analysis

Strong increase in EBIT adj.

• EBIT improvement of 16 NOKm with the Consumer segment as the main driver for the increase

• OPEX increase 5% YoY, driven by increased sales and marketing costs and administrative costs
• Adj. EBIT margin increasing 4 pp YoY.
• Adj. EBIT margin LTM is increasing 4 pp YoY and 1 pp quarter over quarter

Sources: Company information

Segment overview

• YoY net revenue improvement driven ~70/30 from margin improvement and volume growth

• 7 pp margin expansion driven by net revenue growth

• Increase in adj. net revenue is driven by volume growth

• Stable EBIT margin YoY

• Adj. net revenue and adj. EBIT decrease driven by reduced margins within Mobile. Increased call activity and increased prices from Telenor driving COGS

Sources: Company information

NWC development

Net working capital1 (NOKm)

• Net working capital (NWC) is decreasing by 114 NOKm from last quarter
• Volume decrease 15% from last quarter2
• Elspot prices increase 52%3 from Q2 2020 to Q3 2020
• Reduction of 109 NOKm from last year. Prices decrease by 72% YoY3. Volume increase 4% YoY
• Continuous improvements in the invoicing process is also contributing positively to the development

Sources: Company information

1) NWC includes the following items from current assets: Inventories, intangible assets, trade receivables, derivative financial instruments and other current assets (that is, all current assets in the balance sheet except cash and cash equivalents); and the following items from current liabilities; trade payables, current income tax liabilities, derivative financial instruments, social security and other taxes and other current liabilities excl. 46 NOKm in shortterm interest bearing debt

• 2) Volume sold in the Consumer and Business segments
• 3) Average of daily system prices in NOK

Strong underlying cash generation

Change in net cash Q-o-Q (NOKm)

Sources: Company information

1) OpFCF defined as EBITDA adj. less CAPEX excl. M&A and payments to obtain contract assets

2) Non-cash NWC relates to items included in "change in NWC" that are not affecting net cash position. Other includes interest, tax, change in long-term receivables, proceeds from non-current receivables, proceeds from other long-term liabilities, share based payment expense, change in post-employment liabilities, payment of lease liability and adjustments made on EBITDA.

Outlook for 2020-20221

One positive revision on the Group's organic outlook for 2020

 Group  Targeting an EBIT margin of 36-38%		Targeting high-single digit net revenue growth on an organic basis	Revised in Q2: Expecting above double digit net revenue growth in 2020
		Ambition to act as a consolidator in a fragmented market	Revised in Q3: Expecting a slightly higher margin than targeted for 2020
Consumer	Growth	 Targeting mid-single digit net revenue growth on an organic basis	Revised in Q2: Expecting above double digit net revenue growth in 2020
	EBIT margin	 Targeting a sustainable level of 32-34% on an organic basis	Revised in Q2: Expecting a higher margin than targeted for 2020
	Growth	 Targeting double digit net revenue growth in 2020, followed by a sustainable mid-single digit annual growth in 2021 and 2022	Revised in Q1: Expecting mid-single digit growth in 2020 due to Covid-19
Business	EBIT margin	 Targeting a sustainable level of 52-54% on an organic basis
New growth		Targeting a stable nominal EBIT from 2019 to 2020. Positive development in both Alliance and Mobile, while new spin offs negatively affect the segment EBIT in 2020 with in the area of -10 NOKm.	Revised in Q2: Total segment EBIT in 2020 expected in the area of negative NOK 30-40m
initiatives		NGI targeted to comprise up towards 5% of group EBIT in 2022
Cap.ex.		Targeted to be in the area of NOK 50m annually on an organic basis	Revised in Q2: Expected in the area of NOK 65-70m
Tax rate		Prevailing corporate tax rate for Norway – 22% for 2020
Leverage	 Moderate leverage with variations intra-year due to seasonality in net working capital  Current balance sheet enabling substantial capacity to finance acquisitions
Dividend	 	Target pay-out ratio of at least 80% of net income, adjusted for certain cash and non-cash items2 Attractive and increasing dividend

1) All targets are based on adjusted figures, further described under alternative performance measures in the quarterly report 2)Adjusted EBIT + net finance – estimated tax – amortisation of acquisition debt

Innlandskraft's effect on Q4 EBIT adj. and depreciation profile

EBIT adj. contribution in Q4 2020

• Innlandskraft's contribution to the Group's EBIT adjusted in Q4 is expected to be in the area of NOK 25-30m

Depreciation profile of the acquisition (NOKm)

Q4 2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
36	129	83	56	39	26	14	9	6	4	3

• From 2021 to 2030, the quarterly depreciation is ¼ of the annual depreciation from the table above

Appendix

PROFIT AND LOSS ACCOUNT

NOK in thousands	Note	02 2020	03 2020	03 2019	YTD 2020		YTD 2019 Full Year 2019
Continuing operations
Revenue	2,9	671 380	588991	1 101 634	2570627	5076019	7122528
Direct cost of sales	2	(340967)	(304540)	(842 307)	(1474361)	(4155137)	(5827394)
Revenue less direct cost of sales		330 413	284 451	259 327	1 096 266	920 882	1 295 134
Personnel expenses	2	(54648)	(78494)	(74557)	(211737)	(186 893)	(236106)
Other operating expenses	Ž	(97758)	(97001)	(84 887)	(319353)	(275312)	(379 973)
Depreciation right-of-use assets		(3133)	(3111)	(2422)	(9344)	(6848)	(10404)
Depreciation and amortisation	2,5,6	(45360)	(47877)	(46551)	(138884)	(135189)	(190528)
Total operating expenses		(200 899)	(226 483)	(208418)	(679318)	(604 242)	(817011)
Other gains and losses, net	7	2568	(1365)	(8427)	3110	(8511)	4615
Operating profit		132 082	56 604	42 482	420 057	308 128	482738
Income/(loss) from investments in associates
and joint ventures	13	(198)	(915)		(1266)
Interest income		4067	3170	4444	13617	14879	20 07 1
Interest expense lease liability		(410)	(390)	(401)	(1 228)	(772)	(1677)
Interest expense		(1052)	(937)	(1633)	(3646)	(4860)	(6956)
Other financial items, net		(2677)	(2005)	(1057)	(4442)	(2560)	(3737)
Net financial income/(cost)		(270)	(1077)	1 3 5 3	3035	6687	7701
Profit/ (loss) before tax		131812	55 5 27	43835	423 092	314816	490 440
Income tax (expense) income	З	(29211)	(15366)	(9904)	(96660)	(70325)	(120269)
Profit/ (loss) for the period		102 601	40 161	33 9 32	326 432	244 490	370 171
Basic earnings per share (in NOK)*	4	0,98	0,38	0,32	3.11	2,34	3,54
Diluted earnings per share (in NOK)*	4	0,97	0.38	0,32	3,08	2,32	3,51

ADJUSTED EBIT reconciliation

NOK in thousands	02 2020	03 20 20	03 2019	YTD 2020		YTD 2019 Full year 2019
Revenue adjusted	648761	588 991	1 101 634	2 548 008	5 021 050	7 066 432
Corporate 1)	20904			20 904	54 969	56096
Special items 2)	1716			1716
Revenue	671 380	588 991	1 101 634	2 570 627	5076019	7122528
Direct cost of sales adjusted	(334738)	(304540)	(842307)	(1468132)	(4 109 533)	(5782711)
Corporate 1)	(6230)			(6230)	(45603)	(44681)
Direct cost of sales	(340967)	(304540)	(842307)	(1474361)	(4155137)	(5 827 394)
Revenue less direct cost of sales adjusted	314023	284 451	259 327	1079876	911 517	1 283 7 21
Corporate 1)	14674			14674	9366	11414
Special items 2)	1716			1716
Revenue less direct cost of sales	330 413	284 451	259 327	1096 266	920 882	1 295 134
Total operating expenses adjusted	(189856)	(205687)	(196359)	(639302)	(568173)	(792668)
Special items 2)	(2927)	(12873)	(287)	(15800)	(2284)	21 218
Depreciation of acquisitions 3)	(8116)	(7924)	(11774)	(24216)	(33785)	(45560)
Total operating expenses	(200 899)	(226 483)	(208418)	(679318)	(604242)	(817011)
Other gains and losses 4)	2568	(1365)	(8427)	3110	(8511)	4615
Operating profit	132 082	56 604	42 482	420 057	308 128	482738
Income/loss from investments in associates and joint ventures	(198)	(915)		(1266)
Interest income	4067	3170	4444	13617	14879	20071
Interest expense lease liability	(410)	(390)	(401)	(1 228)	(772)	(1677)
Interest expense	(1052)	(937)	(1633)	(3646)	(4860)	(6956)
Other financial items, net	(2677)	(2005)	(1057)	(4442)	(2560)	(3737)
Profit/(loss) before tax	131812	55 5 27	43835	423 092	314816	490 440

ADJUSTED EBIT reconciliation cont.

NOK in thousands	02 2020	03 2020	03 2019	YTD 2020		YTD 2019 Full year 2019
Special items incurred specific to:
- acquisition related costs and implementation costs	(2927)	(12873)	(287)	(15800)	(2284)	(3145)
- income related to compensatory damages	1716			1716
- change in pension plan	$\sim$					28969
- Impairment charge						(4606)
Special items	(1 210)	(12873)	(287)	(14083)	(2 284)	21 218

NOK in thousands	02 2020	03 20 20	03 2019	YTD 2020		YTD 2019 Full year 2019
TrønderEnergi Marked acquisition	(5 180)	(5180)	(8188)	(15539)	(2455)	(32753)
Oppdal Everk Kraftomsetning acquisition	787)	(787)	(1085)	(2361)	(3256)	(4342)
Vesterålskraft Strøm acquisition	(565)	(565)	(758)	(1696)	(758)	(1 516)
Other customer acquisitions	1 584)	(1392)	(1743)	(4621)	(5206)	(6 949)
Depreciation of acquisitions	(8116)	(7924)	(11774)	(24216)	(33785)	(45, 560)

BALANCE SHEET

NOK in thousands	Note	30 June 2020	2020	30 September 30 September 31 December 2019	2019
Assets:
Non-current assets
Right-of-use assets property, plant and equipment	10	63430	70952	49218	65976
Property, plant and equipment	5,10	6205	8500	6463	7108
Goodwill	6,10	166 696	1127050	166 696	166 696
Intangible assets	6, 10	172466	658559	193813	178542
Cost to obtain contracts	10	152559	161 366	158838	159235
Investments in associates and joint ventures	13	9649	8734
Other non-current financial assets	10	25764	39060	23577	25 3 65
Total non-current assets		596 769	2074221	598 605	602 923
Current assets
Intangible assets	6,10	1950	4066	20810	23760
Inventories	10	801	1199	705	794
Trade receivables	8,10	455853	499 592	916230	1507467
Derivative financial instruments	7,10	229834	186026	91893	79274
Other current assets	10	36038	141761	38274	18466
Cash and cash equivalents	10	749445	726 400	701123	775536
Total current assets		1 473 923	1559044	1769034	2 405 297
Total assets		2070 691	3 633 266	2 3 6 7 6 4 0	3 008 220
Equity and liabilities:
Equity
Share capital		31 376	34 2 85	31 349	31 349
Share premium		127738	991614	125035	125035
Retained earnings		794929	835 904	731 510	846833
Total current assets		954 043	1861803	887 893	1 003 216

BALANCE SHEET

NOK in thousands	Note	30 June 2020	2020	30 September 30 September 31 December 2019	2019
Non-current liabilities
Net employee defined benefit plan liabilities	10	96 489	135456	84377	64062
Interest-bearing long term debt	11	111 200	408 148	152 900	139000
Deferred tax liabilitites	3,10	15800	118371	14930	27 451
Lease liability - long term	10	54 1 1 1	59766	38802	56515
Other provisions for liabilities				732
Total non-current liabilites		277 600	721741	291741	287 027
Current liabilities
Trade and other pavables	8,10	160164	310132	472712	818 143
Current income tax liabilities	3,10	107 237	125378	98 599	111 656
Derivative financial instruments	7,10	214085	182859	93744	67 999
Social security and other taxes	10	103 669	73 554	47019	142 620
Lease liability - short term	10	12031	14113	10856	11428
Other current liabilities	10	241862	343 686	465076	566 129
Total current liabilities		839049	1049722	1 188 006	1717976
Total liabilities		1 116 649	1771463	1 479 746	2005004
Total equity and liabilities		2070 691	3 633 2 66	2 367 640	3 008 2 2 0

CASH FLOW

Operating activities Profit/ (loss) before tax 131812 55 5 27 43835 423092 314816 Adjustments for: 82158 5,6 17525 18464 18734 53245 55 560 Depreciation 3133 3111 2422 9344 6848 10404 Depreciation right-of-use assets 27 835 85639 29413 27817 79629 108370 Amortisation of contract assets (4067) (3170) (13617) (14879) (20071) (4444) Interest income 1228 390 772 1677 410 401 Interest expense lease liability 1052 937 1633 3646 4860 Interest expense 198 915 1266 Income/loss from investments in associates and joint ventures (2879) 13820 30 (2725) Change in long-term receivables 802 811 733 2 3 9 0 2260 2994 Share based payment expense (3518) 965 6492 29 4978 (29556) Change in post-employment liabilities (26245) (38221) (34887) (87770) (88555) (117693) Payments to obtain a contract Changes in working capital (non-cash effect) 3505 1580 4195 21820 22 4 8 3 Impairment loss recognised in trade receivables (2568) 1365 (3110) 8511 Change in fair value of derivative financial instruments 8427 Changes in working capital 512 (172) (262) (349) (248) (256) Inventories 168392 1081615 Trade receivables 8 408 535 19613 1050986 489 360 6 Purchase of el-certificates (245712) (242966) (242596) (370) Non-cash effect from cancelling el-certificates 6 (187) 263594 246 569 246 569 Purchase of guarantees of origination 6 (176) (1930) (854) (3503) (12975) (7063) 6 3143 1 30 3 5501 17823 18837 Non-cash effect from disposal of guarantees of origination 77 286 (2980) 5107 (20552) 20715 941 Other current assets 8 (642485) (227876) 122407 (106050) (535 572) (297054) Trade and other payables 21 056 89835 (341607) 72774 Other current liabilities (15526) (125 454) 408 542 230 005 233 262 723 367 670083 847 054 Cash generated from operations (5923) (1898) (1816) (1557) (4859) (8627) Interest paid 3170 13617 14879 4067 4444 20071 Interest received З (90024) (74194) (288) (93793) Income tax paid 587 753 410711 231 358 235 862 659 193 764704 Net cash from operating activities	NOK in thousands	Note	Q2 2020	Q3 2020	Q3 2019	YTD 2020	YTD 2019	Full year 2019
								490 440
								6956
								23502
								(4615)

CASH FLOW

NOK in thousands	Note	02 2020	03 20 20	03 2019	YTD 2020	YTD 2019	Full year 2019
Investing activities
Purchase of property, plant and equipment	5		(989)	(1766)	(989)	(2852)	(3791)
Purchase of intangible assets	6	(22724)	(12452)	(8093)	(50 254)	(34953)	(47 589)
Sale of intangible assets	6				10000
Net cash outflow on aguisition of subsidiares			(531655)	(22066)	(531655)	(22066)	(22 066)
Net cash outflow on aguisition of shares in associates	13				(10000)
Net (outflow)/proceeds from non-current receivables		(74)	545	(977)	146	(763)	(2396)
Net (outflow)/proceeds from other long-term liabilities						(74)	(805)
Net cash used in investing activities		(22798)	(544550)	(32903)	(582751)	(60707)	(76648)
Financing activities
Proceeds from issuance of shares	4	389			2730
Dividends paid	4	(313717)			(313717)	(229 892)	(229 892)
Formation expenses		(10)			(10)
Proceeds from interest-bearing long term debt			460000		460000
Instalments long term debt		(13900)	(13900)	(13900)	(41700)	(41700)	(55600)
Repayment of long term debt			(152900)		(152900)
Payment of lease liability		(2966)	(3051)	(2586)	(8539)	(7180)	(8438)
Net cash used in financing activities		(330 204)	290 149	(16486)	(54137)	(278 772)	(293930)
Net change in cash and cash equivalents		57710	(23043)	186 473	(49135)	319714	394 126
Cash and cash equivalents at start of period		691735	749445	514649	775536	381 409	381 409
Cash and cash equivalents at end of period		749 445	726 400	701 123	726 400	701 123	775 536

FORWARD-LOOKING STATEMENTS

This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements with respect to Fjordkraft's expectations and plans, strategy, management's objectives, future performance, costs, revenue, earnings and other trend information. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Fjordkraft.

All forward-looking statements in this presentation are based on information available to Fjordkraft on the date hereof. All written or oral forwardlooking statements attributable to Fjordkraft, any Fjordkraft employees or representatives acting on Fjordkraft's behalf are expressly qualified in their entirety by the factors referred to above. Fjordkraft undertakes no obligation to update this presentation after the date hereof.

For more information: Fjordkraft's Investor Relations Morten A. W. Opdal +47 970 62 526 morten.opdal@fjordkraft.no